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Dubai real estate transactions at Dhs123bn

The total number of real estate transactions in Dubai reached Dh123 billion in 2010, the Land Department said today.

The number includes all sales, mortgages, ijarah (long term lease which is eventually owned after completing its financial obligations), mortgage portfolios, deffered sales, gifted lands and properties.

The total number of procedures conducted during 2010 reached 38,410 with a clear interest from investors towards residential apartments.

Sultan Butti Bin Mejrin, Director-General of the department, said: “The real estate market has witnessed a huge interest from investors during 2010 which only reflects Dubai’s capabilities and the strength of its economy. This is reflected in the stability of transactions during 2010 which were similar to those during 2009.”

According to the department’s research and survey section, 3,134 sales transactions on lands, worth Dh22 billion were recorded in 2010. While a 5,412 mortgage transaction was registered worth Dh27 billion.

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